Common-Size Income Statement
Quarterly Data
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2010
- Current Ratio since 2010
- Price to Book Value (P/BV) since 2010
- Price to Sales (P/S) since 2010
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General Motors Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue and Cost Trends
- Automotive net sales and revenue remain steady at 100% across all periods, serving as the baseline for analysis. The automotive and other cost of sales percentage exhibits fluctuations, generally ranging from approximately -85% to -95%. Notably, there is a sharp dip to -100.61% in mid-2020, likely reflecting extraordinary cost pressures during that time, followed by partial recovery but with continued volatility. Overall, cost of sales tends to slightly increase towards the end of the observation period, peaking at close to -95%.
- Gross Margin Development
- The automotive and other gross margin percentage shows considerable variability, starting from a positive 8.32% and turning negative (-0.61%) in mid-2020, consistent with the spike in costs. Following that, it recovers to positive double-digit percentages, hovering mainly between 10% and 15%. However, a decline is again visible towards the end of the data, decreasing to as low as 5.24% by the final quarter. This signals some pressure on gross profitability in recent quarters despite generally healthy margins.
- Financial Services Segment
- GM Financial net sales and revenue as a percentage of automotive net sales exhibit a notable spike to 25.56% in mid-2020, then return to a more stable range around 8% to 14%, with a slight downward trend over time. Correspondingly, GM Financial interest and operating expenses reflect considerable volatility, peaking at -24.23% in mid-2020 and stabilizing mostly between -5.87% and -9.88% thereafter, indicating expense management efforts post-2020 anomaly.
- Operating Expenses and Income
- Automotive and other selling, general and administrative (SG&A) expenses demonstrate an increase during the 2020 crisis period, reaching nearly -10%, but generally decline gradually to around -4.6% by end of the latest period, indicating enhanced operational efficiency or cost control. Operating income fluctuates widely, with a meaningful negative result (-9.08%) in mid-2020 amid the global challenges, followed by recovery to a range between approximately 2% and 13%. There is a downtrend towards end-2024 and early 2025, with operating income reducing to below 3% in final quarters, reflecting softer operating performance.
- Interest and Non-Operating Items
- Automotive interest expense remains relatively stable, centered around -0.5% to -0.8%, with a slight decreasing trend over the analyzed periods. Interest income and other non-operating income show variability but generally contribute positive amounts mainly between 0.8% and 3.4%, dipping to nearly zero in some recent quarters. Equity income displays inconsistent performance with occasional negative values, particularly a sharp loss near -10% in early 2025, indicating possible impacts from investments or joint ventures.
- Profitability and Taxes
- Income before income taxes tracks closely with operating income but also exhibits volatility affected by non-operating results. Periods of strong pre-tax income near 15% are offset by negative segments such as mid-2020 and early 2025. Income tax expense fluctuates between positive and negative values, showing some quarters with tax benefits and others with expenses corresponding roughly to profitability swings. Overall net income attributable to stockholders is consistent with these patterns: large losses during mid-2020, recovery with double-digit positive returns thereafter, followed by softening in the final reported quarters, occasionally dipping sharply negative in early 2025.
- Net Income Attribution and Dividends
- Net income attributable to common stockholders follows a similar trend to overall net income, with notable decreases during crisis periods but generally positive returns at other times. Dividends on subsidiary preferred stock show mostly small negative values, indicating some dividend costs with an unexplained positive spike near early 2025, which may represent a non-recurring or accounting anomaly. The net income losses attributable to noncontrolling interests remain marginal through the periods, implying limited impact from minority stakeholders.
- Summary Insights
- The company exhibits resilience with a notable recovery following the global disruptions in early to mid-2020, reflected in improved gross margins, controlled expenses, and restored profitability. However, cost pressures remain evident, reflected in rising cost of sales and compressed gross margins toward the end of the data series. Operating performance and net income demonstrate cyclical volatility with recent softness in late 2024 and early 2025. Financial services operate with fluctuating contribution and expense levels, highlighting sensitivity to macroeconomic factors. Interest-related expenses are stable with some benefit from non-operating income, although equity income shows sporadic negative impacts. Tax expense patterns are consistent with earnings variability. Overall, the financial data suggest ongoing operational challenges alongside efforts to manage expenses and maintain positive earnings, with caution warranted given recent downward trends in profitability metrics.